52,425 Shares in Granite Construction Incorporated (NYSE:GVA) Purchased by RPg Family Wealth Advisory LLC

RPg Family Wealth Advisory LLC bought a new stake in shares of Granite Construction Incorporated (NYSE:GVA) in the third quarter, Holdings Channel reports. The fund bought 52,425 shares of the construction company’s stock, valued at approximately $4,163,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP purchased a new stake in shares of Granite Construction during the third quarter worth approximately $363,000. Dynamic Technology Lab Private Ltd acquired a new stake in Granite Construction during the 3rd quarter worth $908,000. Fisher Asset Management LLC grew its holdings in shares of Granite Construction by 86.4% during the third quarter. Fisher Asset Management LLC now owns 363,816 shares of the construction company’s stock worth $28,843,000 after buying an additional 168,673 shares in the last quarter. Algert Global LLC raised its position in shares of Granite Construction by 560.9% in the third quarter. Algert Global LLC now owns 29,292 shares of the construction company’s stock valued at $2,322,000 after buying an additional 24,860 shares during the last quarter. Finally, Raymond James Trust N.A. purchased a new position in shares of Granite Construction in the third quarter worth about $239,000.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upped their price objective on shares of Granite Construction from $61.00 to $70.00 and gave the company a “sell” rating in a research note on Wednesday, October 9th.

Granite Construction Stock Performance

NYSE GVA opened at $98.78 on Wednesday. Granite Construction Incorporated has a fifty-two week low of $43.92 and a fifty-two week high of $100.57. The firm has a market capitalization of $4.32 billion, a P/E ratio of 45.31 and a beta of 1.39. The stock’s fifty day moving average is $86.36 and its two-hundred day moving average is $73.26. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.46 and a current ratio of 1.56.

Granite Construction (NYSE:GVA) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.51 by ($0.46). The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.29 billion. Granite Construction had a return on equity of 19.04% and a net margin of 2.80%. Granite Construction’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.69 earnings per share. On average, research analysts anticipate that Granite Construction Incorporated will post 4.98 earnings per share for the current year.

Granite Construction Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.13 dividend. The ex-dividend date was Monday, September 30th. This represents a $0.52 annualized dividend and a yield of 0.53%. Granite Construction’s payout ratio is 23.85%.

Granite Construction Company Profile

Granite Construction Incorporated operates as an infrastructure contractor in the United States. It operates through two segments: Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public and water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and construction of various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar storage, and power related projects.